2023-09-06 04:07:15
Construction of the Buwog Helio Tower in Vienna
According to insiders, the core of the North German portfolio is an inventory of around 18,000 apartments that belongs to the project development subsidiary Buwog.
(Foto: imago images/CHROMORANGE)
Düsseldorf, Frankfurt According to financial circles, Vonovia has started preparations for the partial sale of a large portfolio of apartments in Kiel and Lübeck. With this, Germany’s largest real estate group wants to strengthen its capital base in the current difficult environment of falling real estate valuations and rising interest rates.
The new project follows the example of the sale of shares in the Baden-Württemberg real estate company Südewo in the spring, which also contributed to the goal of avoiding a capital increase.
Essentially, the northern German portfolio consists of around 18,000 apartments belonging to project development subsidiary Buwog, according to several people familiar with the matter. These apartments are mainly in Schleswig-Holstein.
Buwog, which was taken over by Vonovia in 2018, bought this portfolio in 2014 for almost 900 million euros from a joint venture between the real estate manager Prelios and an investment fund. The portfolio mainly consists of stocks of the former LEG Schleswig-Holstein/DGAG. Overall, the deal could be valued at around three billion euros, according to financial circles.
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